Otto Travieso, CCIM of Real Capital Partners LLC announced the sale of 163rd Street Plaza, a shopping center located at the southeast corner of NE 163rd Street & NE 16th Avenue in North Miami Beach.
The single-story retail center, which totals approximately 50,000 square feet, sold for $8,125,000. The center is currently occupied by Humana/CAC, Planet Fitness, and Vision Works.
“The timing was ideal for both buyer and seller, allowing for a sale at a 5.8% CAP with only 70% occupancy. The buyer was looking for a long-term play, and the seller met projected returns,” says Otto Travieso.
Travieso worked with Sea Grove Realty of Miami to secure the sale.
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